Arrowstreet Capital Limited Partnership Raises Stake in GE Vernova Inc. (NYSE:GEV)

Arrowstreet Capital Limited Partnership boosted its holdings in GE Vernova Inc. (NYSE:GEV) by 555.2% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 569,738 shares of the company’s stock after purchasing an additional 482,787 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 0.21% of GE Vernova worth $187,404,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Register Financial Advisors LLC purchased a new stake in shares of GE Vernova in the 4th quarter worth approximately $206,000. GPS Wealth Strategies Group LLC increased its holdings in shares of GE Vernova by 1,126.0% during the fourth quarter. GPS Wealth Strategies Group LLC now owns 895 shares of the company’s stock valued at $294,000 after acquiring an additional 822 shares in the last quarter. Yarbrough Capital LLC raised its position in shares of GE Vernova by 67.2% in the 4th quarter. Yarbrough Capital LLC now owns 2,886 shares of the company’s stock worth $949,000 after purchasing an additional 1,160 shares during the last quarter. Legacy Bridge LLC raised its position in shares of GE Vernova by 77.0% in the 4th quarter. Legacy Bridge LLC now owns 10,982 shares of the company’s stock worth $3,612,000 after purchasing an additional 4,776 shares during the last quarter. Finally, CENTRAL TRUST Co boosted its stake in GE Vernova by 16.6% in the 4th quarter. CENTRAL TRUST Co now owns 9,872 shares of the company’s stock worth $3,247,000 after purchasing an additional 1,408 shares in the last quarter.

GE Vernova Price Performance

Shares of GEV stock opened at $302.71 on Monday. GE Vernova Inc. has a one year low of $119.00 and a one year high of $447.50. The company’s fifty day moving average price is $345.68 and its 200-day moving average price is $323.33. The company has a market capitalization of $83.52 billion and a price-to-earnings ratio of 54.44.

GE Vernova (NYSE:GEV) last announced its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The company had revenue of $10.56 billion during the quarter, compared to the consensus estimate of $10.70 billion. The company’s quarterly revenue was up 5.1% on a year-over-year basis. Equities research analysts expect that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

GE Vernova declared that its board has authorized a stock repurchase plan on Tuesday, December 10th that permits the company to buyback $6.00 billion in shares. This buyback authorization permits the company to buy up to 6.7% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

Several brokerages have issued reports on GEV. Truist Financial lifted their target price on shares of GE Vernova from $420.00 to $470.00 and gave the stock a “buy” rating in a report on Thursday, January 23rd. Guggenheim raised GE Vernova from a “neutral” rating to a “buy” rating and set a $380.00 price objective on the stock in a research report on Wednesday, March 5th. CICC Research initiated coverage on GE Vernova in a report on Wednesday, February 19th. They issued an “outperform” rating for the company. Wells Fargo & Company upped their price target on GE Vernova from $385.00 to $411.00 and gave the company an “overweight” rating in a report on Friday, December 13th. Finally, Baird R W upgraded GE Vernova to a “strong-buy” rating in a report on Thursday, February 13th. Seven investment analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and four have assigned a strong buy rating to the company’s stock. According to MarketBeat, GE Vernova has a consensus rating of “Moderate Buy” and an average target price of $349.54.

GE Vernova Profile

GE Vernova LLC, an energy business company, generates electricity. It operates under three segments: Power, Wind, and Electrification. The Power segments generates and sells electricity through hydro, gas, nuclear, and steam power. Wind segment engages in the manufacturing and sale of wind turbine blades; and Electrification segment provides grid solutions, power conversion, solar, and storage solutions.